The Impact Of Insurance Shareholding On The Operating Performance Of Listed Companies

After 30 years of development,China's economy has changed from high-speed growth to medium-high-speed growth,and the macro-economy is facing the "middle income trap".We must deepen reform,vigorously promote industrial upgrading,so as to adapt supply to the growing demand.Insurance fund is an important source of liquidity in financial market,and it is bound to provide help for the structural reform of the supply side of the economy.The real economy is the cornerstone of society,and the modernization reform necessarily needs the qualitative change of the real economy.At present,China's real economy is facing enormous problems.On the one hand,transformation and upgrading require innovative capabilities,on the other hand,financing is difficult and expensive.This paper mainly discusses the latter,hoping that insurance funds can serve as a part of the real economy.In order to solve the problem of financing efficiency of enterprises,the government actively expands the investment channels of insurance funds to promote the direct financing of capital market.Large-scale insurance funds can obviously provide long-term and stable capital support for the supply-side reform of the real economy.However,due to the particularity of insurance funds,insurance investment in Listed Companies in different industries will have different impacts,so reasonable direction of investment in insurance funds has the role of optimizing the allocation of resources.This paper combs the relevant literature on insurance fund investment at home and abroad,and makes corresponding comments;lays the foundation of this study from the connotation and motivation of insurance fund investment,the principle of industry classification,the principal-agent theory and the portfolio theory;analyses the development and comparison of insurance fund investment between China and foreign countries,and describes the development status,problems and circumstances of insurance fund investment in China.The development status and problems of foreign insurance funds summarize the similarities and differences between the two.Empirical data are used to compare the characteristics of operating performance of Listed Companies in different industries,and the influencing factors of operating performance of listed companies are discussed.The internal and external mechanisms of the impact of insurance Shareholding on operating performance of listed companies are elaborated,with emphasis on the risk management of internal mechanisms on listed companies.This paper explores the influence of insurance Shareholding on the operating performance of listed companies through investment operation mode,and through empirical research on the impact of insurance funds on the operating performance of Listed Companies in different industries,concludes that insurance funds have a positive impact on the operating performance of Listed Companies in industrial industries,and life insurance funds have a greater impact on the operating performance of Listed Companies in industrial industries than property insurance funds.In the first chapter of this paper,we first select some relevant literature at home and abroad,and further analyze,refine and summarize the views of the researchers,so as to draw out the views of this paper.In the second chapter,three key words are elaborated,and the theoretical knowledge involved in this paper is analyzed to provide support for the follow-up research.The first two sections are the theoretical cornerstone of this paper.Then in the third and fourth chapters,the actual situation of insurance investment is analyzed.In the third chapter,this paper focuses on analyzing and comparing the characteristics of Chinese and foreign insurance investment,the characteristics of operating performance of Listed Companies in different industries and the impact of insurance investment on operating performance..Foreign insurance industry has developed earlier,so the experience of insurance investment is more abundant.Chinese insurance investment is confined to the development of insurance industry and has a short history.Therefore,there are many differences between Chinese and foreign insurance investment in terms of investable object,risk management and policy supervision.From the macro point of view,the basic situation of Chinese and foreign insurance investment can not fully show the whole process of insurance investment,so we need to focus on the microprocess of insurance investment.This paper then analyses the mechanism and path of the impact of insurance Shareholding on the operating performance of listed companies.In the fourth chapter,based on reasonable reasoning,this paper puts forward two hypotheses,and then uses actual data to verify the rationality of the hypothesis,to explore the impact of insurance investment on the operating performance of Listed Companies in different industries.In the fifth chapter,the main conclusions of this paper are summarized concisely at first,and the relevant policy recommendations are put forward based on the conclusions.Finally,the prospect is made.The main contents of this paper are as follows:Chapter?: Introduction.This chapter summarizes and reviews the literature at home and abroad,expounds the research background and significance of the paper,expounds the research ideas and contents,expounds the research methods,and expounds the innovation and shortcomings of this paper.Chapter ?: This chapter defines the connotation of insurance investment and operating performance.Insurance funds have the characteristics of indebtedness,long-term and profitability,which leads to the characteristics of insurance investment such as profitability,security,liquidity,income matching and time matching.It further analyses the three driving factors of insurance investment: large scale of insurance funds,high-speed growth and decline of interest rates,and accounting standards.It can improve the solvency adequacy rate of insurance companies and guide the implementation of the second generation of insurance funds to invest in equity.It expounds the criteria of industry classification,principalagent theory and portfolio theory.According to the relevant documents of China Securities Regulatory Commission,listed companies are divided into five categories: financial industry,public utilities,real estate industry,comprehensive industry and industrial industry.Chapter ?: An Analysis of the Current Situation of Insurance Investment and the Impact of Stock Ownership on the Operating Performance of Listed Companies.This chapter compares the differences between China's insurance fund investment and foreign insurance fund investment based on the analysis of their situation and experience and lessons learned.The situation and problems of China's insurance fund investment are mainly manifested in three aspects: imperfect capital market,seriously reducing the attraction of insurance fund;intensified systemic risk of financial system,insufficient risk management ability;and the whole world.Insufficient allocation of assets and limited proportion of equity investment;the differences between Chinese and foreign insurance investment are mainly reflected in three aspects: different return on investment of insurance funds,different asset allocation structure and different supervision concepts;based on empirical data analysis,the characteristics of operating performance of financial industry,public utilities,real estate industry,comprehensive industry and industrial industry are analyzed,and the economics of listed companies is discussed.The influencing factors of business performance are: the proportion of insurance capital,the total assets of the company,the ratio of assets to liabilities,the Tobin Q value,the proportion of major shareholders and the turnover rate of total assets.Finally,the influence of insurance investment on the business performance of listed companies is summarized.This paper elaborates the internal and external mechanisms of the impact of insurance Shareholding on the operating performance of listed companies,focusing on the impact of risk management of internal mechanisms on the operating performance of listed companiesChapter ? : Empirical research on the impact of insurance investment on the operating performance of Listed Companies in different industries.Based on reasonable speculation,this paper puts forward two hypotheses: hypothesis 1: life insurance capital investment and property insurance capital investment have a positive impact on the operating performance of Listed Companies in different industries;hypothesis 2: life insurance capital investment has a greater impact on the operating performance of listed companies than property insurance capital investment.This chapter uses the data of insurance fund investment in listed companies,uses multiple linear regression model to analyze the impact of insurance fund investment on the operating performance of Listed Companies in different industries,and verifies two hypothesesChapter ?: Research conclusions,policy recommendations and prospects.This chapter integrates the conclusions of the first five chapters to make policy recommendations and prospects.Specifically,it includes the motivation of insurance investment,the comparison of insurance investment between China and foreign countries,the operation mode of insurance investment,risk management and its impact on the operating performance of listed companies,as well as the impact of life insurance and property insurance investment on the operating performance of Listed Companies in different industries.It also puts forward four policy recommendations for insurance investment.Firstly,we should improve the capital market and actively guide long-term insurance funds to enter the industry;secondly,we should encourage insurance funds to invest in the industry,such as using tax instruments to encourage life insurance funds to invest in the industry,and enhance the impact of insurance investment on the operating performance of Listed Companies in different industries;thirdly,we should encourage insurance funds to adopt the principal-agent investment mode,and the investors and investors of insurance funds should be encouraged to adopt the principal-agent investment mode.The invested listed companies adopt positive risk management methods;fourth,further improve the financial system,rationally set the proportion of equity investment in insurance funds,and carry out global asset allocation;fifth,keep pace with the times,improve the laws and regulations of insurance funds investing in listed companies.The innovation of this paper lies in the following aspects: Firstly,we try to combine insurance investment with the operating performance of Listed Companies in different industries,and discuss the impact of insurance capital investment on the operating performance of Listed Companies in different industries.Compared with the previous literature,the research object focuses on the micro and macro levels,such as investing insurance funds in a specific field,or directly making a preliminary analysis of the overall listed companies.The research object of this paper is located in the medium level-industry,and through empirical research,the impact of insurance funds on the operating performance of Listed Companies in different industries is compared;domestic insurance coverage There are few articles on the impact of insurance investment on the operating performance of listed companies,and there is a lack of research on the impact of insurance investment on the operating performance of Listed Companies in different industries.This paper discusses the impact of insurance investment on the operating performance of Listed Companies in different industries from both theoretical and empirical aspects.Secondly,based on the characteristics of two operation modes of insurance investment(independent investment and principal-agent investment),this paper attempts to study the path of insurance investment influencing the operating performance of listed companies through operation mode;Thirdly,This paper expounds the internal and external mechanisms of the impact of insurance Shareholding on the operating performance of listed companies,and emphatically analyses the impact of risk management of internal mechanisms on the operating performance of listed companies.